5.
Limitations under the Scheme
5.1 The Company may deliver Shares pursuant to the Awards granted under the Scheme in the form of existing
Shares held as treasury shares and/or an issue of new Shares.
5.2 Awards may only be vested and consequently any Shares comprised in such Awards shall only be delivered
upon (i) the Committee being satisfied that the Participant has achieved the Performance Targets and/or due
recognition should be given for good work performance and/or significant contribution to the Company and/or
(ii) the Company decides to pay part of a Group Employee’s annual cash bonus payment in the form of Shares.
5.3
The aggregate number of Shares over which the Committee may grant Awards on any date, when added to the
number of Shares issued and issuable in respect of all Awards granted under the Scheme and all other awards
granted under any other share option, share incentive, performance share or restricted share scheme implemented
by the Company and for the time being in force, shall not exceed fifteen per cent (15%) of the issued Shares of
the Company (excluding treasury shares) on the date preceding the grant of an Award.
6.
Date of grant
The Committee may grant Awards at any time in the course of a financial year, provided that in the event that an
announcement on any matter of an exceptional nature involving unpublished price sensitive information is imminent,
Awards may only be granted and hence any Shares comprised in such Awards may only be delivered on or after the
second Market Day from the date on which the aforesaid announcement is made.
7.
Awards
7.1 Awards, which will comprise of fully paid Shares, are personal to the Participant to whom it is given and shall not
be transferred (other than to a Participant’s personal representative on the death of that Participant), charged,
assigned, pledged or otherwise disposed of, in whole or in part, unless with the prior approval of the Committee.
7.2 Once an Award is finalised by the Committee, the Committee shall send an Award letter to the Participant
confirming the said Award. The said Award letter shall specify,
inter alia,
the following:
(a)
in relation to a performance-related Award:
(i)
the Performance Target(s) for the Participant; and
(ii)
the Performance Period for the Participant;
(b)
the number of Shares to be vested on the Participant; and
(c)
the date by which the Award shall be vested.
7.3 The Committee shall take into account various factors when determining the method to arrive at the exact
number of Shares comprised in an Award. Such factors include, but are not limited to, the current price of the
Shares, the total issued share capital of the Company and the predetermined dollar amount which the Committee
decides that a Participant deserves for meeting his Performance Targets. For example, Shares may be awarded
based on predetermined dollar amounts such that the quantum of Shares comprised in Awards is dependent on
the closing price of Shares transacted on the Market Day the Award is vested. Alternatively, the Committee may
decide absolute numbers of Shares to be awarded to Participants irrespective of the price of the Shares. The
Committee shall monitor the grant of Awards carefully to ensure that the size of the Scheme will comply with
the relevant rules of the SGX-ST.
letter to
shareholders
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k i n g s m e n
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